Spring Real Estate Investment Trust Net Income dropped on 45.0% in 2015 and Revenue decreased slightly on 1.2%
16/03/2016 • About Spring Real Estate Investment Trust (
$1426) • By InTwits
Spring Real Estate Investment Trust reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts: The company has potentially unprofitable business model: ROIC is at 3.9%.
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Spring Real Estate Investment Trust ($1426) key annual financial indicators
| mln. $ | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 46.620 | 53.047 | 70.592 | 81.458 | 80.515 | -1.2% |
| Net Income | 183.635 | 194.378 | 69.822 | 73.385 | 40.367 | -45.0% |
Balance Sheet
|
|---|
| Cash | 2.099 | 12.076 | 67.360 | 24.286 | 30.857 | 27.1% |
| Short Term Debt | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | |
| Long Term Debt | 472.343 | 477.174 | 504.799 | 460.683 | 477.301 | 3.6% |
Cash flow
|
|---|
| Capex | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | |
Ratios
|
|---|
| Revenue growth | 25.2% | 13.8% | 33.1% | 15.4% | -1.2% | |
| Net Income Margin | 393.9% | 366.4% | 98.9% | 90.1% | 50.1% | -40.0% |
| ROIC | 3.6% | 3.4% | 3.7% | 3.8% | 3.9% | 0.0% |
| ROE | 39.4% | 29.1% | 8.6% | 8.4% | 4.6% | -3.8% |
Revenue and profitability
Spring Real Estate Investment Trust's Revenue decreased slightly on 1.2% in 2015.
Net Income marign dropped on 40.0 pp from 90.1% to 50.1% in 2015.
Return on investment
The company operates at low ROIC (3.85%) and ROE (4.59%). ROIC showed almost no change in 2015. ROE decreased on 3.8 pp from 8.4% to 4.6% in 2015.
Leverage (Debt)
Debt increased on 3.6% in 2015 while cash surged on 27.1% in 2015.
Appendix 1: Peers in REITS
Below you can find Spring Real Estate Investment Trust benchmarking vs. other companies in REITS industry. It's shown for the period of 5 years for the key financial metrics. Each table has median value for all the companies in the industry together with individual financial data of the top-5 companies in the industry by particular financial metric.
Top companies by Revenue growth, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Prosperity REIT ($808) | | 10.8% | 10.8% | 18.0% | 8.8% |
| Fortune Real Estate Investment Trust ($778) | | 22.1% | 28.6% | 15.6% | 13.7% |
| Yuexiu Real Estate Investment Trust ($405) | | 36.4% | 92.5% | 14.6% | 8.8% |
| Regal Real Estate Investment Trust ($1881) | -18.3% | 13.6% | 7.0% | 13.8% | |
| Link REIT/The ($823) | | 10.8% | 9.7% | 10.0% | 7.9% |
| |
|---|
| Median (8 companies) | -2.9% | 10.8% | 9.0% | 11.9% | 8.8% |
|---|
| Spring Real Estate Investment Trust ($1426) | | 13.8% | 33.1% | 15.4% | -1.2% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Link REIT/The ($823) | 304.6% | 179.0% | 340.1% | 257.8% | 362.0% |
| Sunlight Real Estate Investment Trust ($435) | 343.7% | 202.4% | 293.6% | 203.4% | 275.0% |
| New Century Real Estate Investment Trust ($1275) | 30.9% | 31.3% | 33.2% | 82.5% | |
| Regal Real Estate Investment Trust ($1881) | 437.8% | 447.8% | 73.8% | 56.7% | |
| Yuexiu Real Estate Investment Trust ($405) | 59.2% | 56.0% | 50.4% | 50.7% | 46.9% |
| |
|---|
| Median (5 companies) | 324.2% | 179.0% | 62.1% | 82.5% | 275.0% |
|---|
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Regal Real Estate Investment Trust ($1881) | 11.5% | 8.3% | 19.8% | 322.0% | |
| Link REIT/The ($823) | 13.5% | 43.9% | 13.4% | 14.0% | 107.2% |
| Fortune Real Estate Investment Trust ($778) | 4.8% | 180.5% | 400.4% | 9.4% | 99.9% |
| Prosperity REIT ($808) | 4.6% | 4.3% | 4.5% | 6.4% | 3.0% |
| New Century Real Estate Investment Trust ($1275) | 0.0% | 0.0% | 3.5% | 5.7% | |
| |
|---|
| Median (8 companies) | 3.5% | 3.0% | 4.5% | 6.1% | 3.1% |
|---|
| Spring Real Estate Investment Trust ($1426) | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Link REIT/The ($823) | 27.2% | 14.8% | 25.5% | 17.7% | 22.3% |
| Fortune Real Estate Investment Trust ($778) | 24.2% | 13.6% | 16.0% | 14.0% | 8.6% |
| Sunlight Real Estate Investment Trust ($435) | 15.7% | 9.2% | 13.3% | 9.2% | 12.6% |
| New Century Real Estate Investment Trust ($1275) | 7.9% | 6.5% | 3.0% | 4.4% | |
| Champion REIT ($2778) | 11.5% | 8.9% | 4.0% | 4.0% | 6.2% |
| |
|---|
| Median (9 companies) | 11.5% | 8.9% | 3.0% | 4.0% | 7.4% |
|---|
| Spring Real Estate Investment Trust ($1426) | 3.6% | 3.4% | 3.7% | 3.8% | 3.9% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Regal Real Estate Investment Trust ($1881) | 1.5x | 1.3x | 10.2x | 13.9x | |
| Yuexiu Real Estate Investment Trust ($405) | 4.7x | 19.0x | 10.4x | 8.9x | 12.8x |
| New Century Real Estate Investment Trust ($1275) | 5.4x | 4.3x | 6.5x | 6.1x | |
| Sunlight Real Estate Investment Trust ($435) | 2.2x | 3.3x | 2.1x | 2.7x | 1.9x |
| Link REIT/The ($823) | 0.6x | 1.2x | 0.5x | 0.6x | 0.6x |
| |
|---|
| Median (5 companies) | 1.8x | 3.3x | 6.5x | 6.1x | 1.9x |
|---|
